Buyer Frequently Asked Questions

Whether you are new to real estate auctions or have participated in online bidding before, this Buyer FAQ is designed to answer common questions about bidding, deposits, contracts, inspections, closing, and more. If you have additional questions after reviewing this information, please contact us — we are here to help.

How do I register to bid?

All bidders register online through our secure bidding platform. You will create a username and password, enter your contact information, and agree to the auction terms and conditions. Some real estate auctions may require additional approval before bidding is activated.

Do I need to create a new account for every auction?

No. Once you create your bidder account, you can use it for all future auctions conducted by Grindstaff’s Auction Marketing Group LLC. You may be required to re-accept terms for different auction types.

How do I place a bid?

After registering and being approved (if required), visit the auction page and click “Place Bid” on any item or property. You may enter a single bid or use the max bid feature, which allows the system to bid on your behalf up to your set limit.

What is a “soft close”?

Most online auctions use a soft close. This means if a bid is placed within the final minutes, the countdown timer will extend by a few minutes. This prevents last-second “sniping” and gives all bidders a fair chance to participate.

Can I inspect the property before bidding?

Yes. Real estate auctions include at least one open house or preview period, listed on the auction page. Bidders are expected to complete all inspections and due diligence before bidding because auction purchases are as-is, where-is, with no contingencies unless otherwise stated.

Is financing allowed?

Yes, buyers may use financing; however, the auction contract does not allow financing contingencies. This means you must have financing arranged in advance, or be prepared to close with cash, regardless of lender delays or denials.

How much is the earnest money deposit?

The deposit amount varies by auction and is listed in the Real Estate Terms & Conditions section of each property listing. Deposits are due immediately after the auction when the contract is signed.

How do I sign the purchase agreement?

All contracts for winning bidders are executed electronically through DocuSign. You will receive the purchase agreement immediately after the close of bidding and must complete the electronic signing process promptly to initiate the deposit and closing timeline.

What happens if I win the auction?

If you win the auction, you will:

• Receive the purchase agreement via DocuSign
• Sign the agreement promptly
• Submit the earnest money deposit
• Work with the designated settlement company or attorney to complete closing

The full closing timeline will be outlined in the Real Estate Terms & Conditions for that specific property.

What happens if I change my mind after bidding?

Bids placed at auction are legally binding. If you are the winning bidder, you are required to sign the contract and complete the purchase. Failure to do so may result in:

• Loss of earnest money deposit
• Liability for the difference if the property sells for less in a subsequent auction
• Additional legal or administrative fees as allowed under Virginia law

Can real estate agents represent buyers in your auctions?

Yes. We welcome cooperating brokers. Agents must complete the Agent Representation Form before their client registers to bid. The cooperating broker compensation amount is listed in each auction’s Real Estate Terms & Conditions.

Do you charge a buyer’s premium?

Yes, most auctions include a buyer’s premium which is added to the high bid to determine the final contract price. The exact amount is published in the auction listing and Terms & Conditions.

Can I bid from my phone?

Yes. You can bid from any device using our online bidding platform or the mobile bidding app powered by BidWrangler.

Where can I find the Sample Real Property Sales Agreement?

You can view it here: Sample Real Property Sales Agreement

Do you auction personal property, estates, equipment, or business assets too?

Yes. These auctions follow different terms than real estate. For personal property bidding information, please review: Bidder Resources.

Who do I contact with questions?

If you have questions about bidding, contracts, deposits, previews, or closing procedures, please reach out to us through our Contact page. We want buyers to feel informed, confident, and prepared before placing a bid.